May 8, 2017

Car Buying Grumble

Having been on foot for a while hasn't bothered me, but now that the weather is turning nice and summer time approaches, I'll be wanting to get out into the mountains, and for that I'll need a vehicle.  So I'm in the process of looking for a car, securing finances, etc.

A very close friend of mine bought a Toyota Tacoma some years ago, a 2011 Double Cab with a 6 foot bed.  It has a cap on the bed, and is in immaculate condition.  He uses his work vehicle to drive to and from work (he's the Fire Chief at a small local fire department), and his Tacoma has, get this -- 14,000 miles.

Yes, 14,000.  Fourteen thousand.

That's it.  For a 6 year old Toyota Tacoma, long known as one of the most reliable, trustworthy light duty trucks on the market.

And he's willing to sell it to me.  I told him I didn't want any "Best Pal Discount", as I cherish his friendship more than I cherish a couple hundred dollars.  So we ran the truck through Kelly Blue Book website, and came to an agreeable price.  I've got a few thousand dollars saved, well above 20% of the price, and getting a loan for the balance shouldn't be much of an issue.

Except that my bank won't give car loans for personal sales.  The vehicle has to be sold by an auto dealership.

I'm going to swing by a small, local bank and see if they have similar restrictions.  If they don't have that limitation, I'll be taking my banking business there and ditching the large corporate bank that rhymes with "Face".

Update: The Credit Union that is in the same office park as my office will do auto loans for private sales.  The requirements to join: Live in Northern Colorado (check) and have a savings account with a minimum balance of five dollars.

I'll be opening an account with them, applying for the loan.  Chase can go pound sand.


Aaron said...

Also be sure to checkout local credit unions - they're often more person-friendly than banks in these situations.

Suz said...

I avoid the "big banks" like the plague. Am a huge fan of credit unions and small community banks. Have always gotten a fair shake from a credit union.